News Corp to boost stake in German operator: report
SAN FRANCISCO (Reuters) - News Corp NWSa.N is planning to boost the stake that it has recently built in German pay-TV group Premiere AG, part of an effort to expand its footprint in Europe's biggest television market, the Wall Street Journal reported on Monday, citing a person familiar with the situation.
News Corp plans to raise its holding to around 25 percent, after amassing a 22.7 percent stake in the cable television operator over the last three months, this person said, the Journal reported.
Under German law, News Corp would need to bid for all Premiere shares if its holdings reached 30 percent, the paper said. With 25 percent, News Corp would effectively be able to block any other shareholder from gaining control of the company.
News Corp, based in New York, also plans to seek seats on the Premiere board, the Journal reported, citing a person familiar with the situation.
A spokesperson for News Corp declined to comment on the report.
(Reporting by Duncan Martell and Kenneth Li; Editing by Christian Wiessner)
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